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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1997 <br />Note 20 JOINT VENTURE <br />The Centennial Fire District (the District) was established under a joint powers agreement between the City of <br />Lino Lakes and two other cities. The general purpose of the District is to provide fire protection services <br />~' including, but not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to <br />appoint two commissioners to the District's Board. <br />Each calendar year each participating city shall pay to the District its share of the total operating and capital <br />— <br />budget in accordance with funding formula contained in Section VII of the joint powers agreement. The <br />funding formula takes into account each city's average number of calls, population, and total market value. <br />Vow <br />During 1997, the City of Lino Lakes' contributions to the District were as follows: <br />Operating $275,368 <br />Capital 64,400 <br />$339,768 <br />Separate fmancial statements of the District can be obtained by contacting the District. <br />The unaudited condensed financial statements of the District as of December 31, 1996 (1997 information is not <br />yet available) are as follows: <br />Total assets $1,094,691 <br />Total liabilities 16,197 <br />Total equity 1,078,494 <br />Total operating revenue 509,549 <br />Total operating expenses 337,383 <br />51 <br />